Market News

The Chairman of the Senate Committee on Appropriation, Solomon Adeola (Yayi), has alleged that former President Muhammadu Buhari’s government borrowed over 400billion dollars in order to stabilise the naira against the US currency.

Adeola, who is representing Ogun West, also said the administration spent trillions of naira on fuel subsidy, saying the funds were held by less one percent of Nigeria’s population.

He said President Bola Tinubu’s two major decisions – fuel subsidy removal and floating of naira – saved Nigeria’s economy from total collapse.

The Senator spoke on Saturday at the 2nd Edition of Town Hall Meeting/Mega Empowerment and Thank You Tour, held at Ayetoro, Yewa North Local Government Area of Ogun State.

According to him, previous administration had borrowed heavily to fund fuel subsidy and stabilise naira against the dollar, but the bold step of Tinubu-led administration is the saving grace for the nation.

He praised President Tinubu for taking the “hard but necessary decision” to revamp the hitherto comatose economy.

Adeola said, “When the president assumed office, he carried out two major policies that hit Nigerians hard. We now heave a sigh of relief.

“First, he removed the fuel subsidy. He removed the fuel subsidy because the subsidy payment ended up in the hands of people who are less than 1% of Nigerians. Yearly, the former president would have to borrow huge amount of money in the tune of trillions of naira in order to pay fuel subsidy.

“But when the current President, my father, Bola Ahmed Tinubu, assumed office, the payment of subsidy elapsed the day the immediate past president handed over power to Tinubu. So, there was no fund budgeted for the continuous payment of the subsidy. The government that left had stopped subsidy payment and when our father (referring to Tinubu) got to power, he said he could no longer afford to be borrowing huge amount of money that will end up in the hands of less than 1 percent of the country’s population, whereas the payment is made for all Nigerians.

“Today, anyone can bring in fuel and sell it at your own price as far as it pays off. One person can own ten cars and the country is expected to pay subsidy on all the cars. But if there is no subsidy, your cars won’t be more than one or two.

“The second policy has to do with the floating of the naira . Before, in order to stabilise the dollar to naira rate, we have to borrow money. We borrowed to suppress it.

“By the time this government assumed office, the amount borrowed is well above 400billion dollars. In order to stabilise dollar to naira rate, we were also paying subsidy. That President had to stop that.”

He said following Tinubu’s bold steps, “Nigerian economy is now flowing in the right direction.”

He, however, appealed to the people to continue to be patient with the administration of President Tinubu, declaring that the current economic policies have begun to yield positive results.

On the empowerment programme, the senator explained that the programme was organized to reward and appreciate the constituents in Yewa North Local Government Area for their support during the 2023 general elections.

He added that the empowerment programme which was also held in Imeko-Afon LGA on Friday, will be held in Yewa South, Ipokia and.Ado-Odo/Ota local government areas.

Reeling out his achievements in the Senate in almost two years in the saddle, Adeola, said he has taken the advantage of his position as the Chairman of the Senate Committee on Appropriations to fight for the rights of his constituents and facilitate developmental projects to Ogun West.

He listed road construction, power transformers, installation of solar lights, ICT centres, construction of Primary Healthcare Centres, ultra modern markets, police stations as some of the infrastructural projects he had facilitated and completed under two years

The Senator, however, disclosed that another set of 3,000 students selected across the six LGAs in Ogun West will be given scholarship and bursary awards of N200,000 and N100,000, respectively.

While thanking Governor Dapo Abiodun of Ogun State for supporting all his activities in Ogun West, especially the empowerment programmes, he urged the people to continue to rally support for the incumbent administration in the state.

Earlier in his remarks, the Minister of State for Health and Social Welfare, Dr. Iziaq Kunle Salako said Tinubu is “consistently remained committed to the welfare of the people.”

He urged Nigerians continue to cooperate and support the president.

Salako also applauded Adeola’s empowerment drive, saying in less than two years in office, the Senator has fulfilled his campaign promises.